February 27, 2007

Doom, I Tell You, DOOOOOM!!!

I laughed my ass off during my commute home today. Newsradio breathlessly announced, "Stock Market Crumbles".

Holy shit! I needed to hear more!!! I mean, China had a bad tumble overnight and just yesterday Alan Greenspan said the "R" word in a conversation.

After the commercial break, "upcoming stories" told me that the market had been down 500 points today, which is a big deal. Less than two minutes later I'm given the details that the 500 point loss was the low point of the day, and that currently the loss was 340 points. Still bumpy, but not the end of the world.

Five minutes later, the loss was reported as 305 points. Now I'm chuckling, especially when they remind everyone that today's "3 percent drop" pales in comparison to Black Monday in 1987 when the market dropped 22%.

Two minutes later and the loss is less than 300 points. This is comical.

I realize that the market will rise and fall (last week it set a new record high). I also know that over time, the stock market always goes up. I have a 401k and hardly ever pay attention to the market, other than in a general way. For instance, I've known that for weeks there have been warnings about a sell-off being long overdue. Today was the excuse everyone needed.

I don't even know what the final figures for the day are. I do know that it's not the panic-inducing event those nitwit broadcasters tried to make it out to be.

Posted by: Ted at 04:19 PM | category: Links
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